Page 51 - Banking Finance August 2024

BUDGET 2024

In Section 112, Section 146 states that no refund shall be made of the
Effective 1st August 2024, the deadline for filing an tax paid or the input tax credit reversed, which would
appeal to the Appellate Tribunal by taxpayers will not have been so paid, or not reversed had the said
be the later of either the date of order clause 114 been in force at all material times.
communication or a date notified by the *Important note: All direct and indirect tax amendments
government based on Council recommendations.
will come into force once notified by the CBDT or CBIC
The same change applies to commissioners/GST respectively.*
officers filing applications before the Appellate
Tribunal. Highlights of Various Sectors
Applications may be filed within three months after Highlights of Priority 1: Agriculture
the standard appeal period expires.
The government has made a provision of Rs.1.52 lakh
The pre-deposit requirement for appeals is reduced crore for agriculture and allied sectors.
from 20% to 10% of the disputed amount. The government will release 109 new high-yielding and

The maximum amount required for pre-deposit is climate-resilient varieties of 32 field and horticulture
lowered from Rs.50 crore to Rs.20 crore. crops for cultivation by farmers.
Penalty under Section 122(1B) is amended to restrict One crore farmers across the country will be initiated
this to cases involving the e-commerce operators into natural farming in the next two years, which will
subjected to TCS under GST retrospectively from 1st be supported by certification and branding. For this
October 2023. purpose, the government will establish 10,000 need-

Conditional waiver of interest and penalty is given based bio-input resource centres.
through Section 128A for demand notices under Section The government will promote Farmer-Producer
73 for all FY from 2017-18 to 2019-20 except for Organisations, startups and cooperatives for vegetable
erroneous refunds and where interest/penalty is already supply chains, including storage, collection and
paid for the said years. marketing.
Transitional credit for the CENVAT credit for input A strategy is being developed to achieve
services by an ISD is allowed under Section 140 'Atmanirbharta' for oil seeds such as groundnut,
retrospectively. mustard, soybean, sesame, and sunflower.
The appellate authority replaces the anti-profiteering The government will facilitate the implementation of
authority from the date to be notified for accepting the Digital Public Infrastructure (DPI) in agriculture in
applications for cases of anti-profiteering under Section partnership with the states to cover farmers and their
171. lands in 3 years. The details of 6 crore farmers and their
New items through Paras 8 and 9 are inserted under lands will be recorded in the farmer and land registries.
Schedule III to declare the following as neither supply The Jan Samarth-based Kisan Credit Cards will be issued
of goods nor supply of services- and enabled in 5 states.
The activity of apportionment of co-insurance Financial support will be provided to set up a network
premium by the lead insurer to the co-insurer for of Nucleus Breeding Centres for Shrimp Broodstocks.
the insurance services jointly supplied by the lead Highlights of Priority 2: Employment and
insurer and the co-insurer to the insured in
coinsurance agreements, provided the lead insurer Education
pays the tax liability on the entire amount of The government will implement 3 new schemes for
premium paid by the insured. 'Employment Linked Incentive' based on EPFO
enrolment:
The services by the insurer to the reinsurer, for
which the ceding commission or the reinsurance Scheme A: First Timers - This scheme will provide
a direct benefit transfer of one month's salary in 3
commission is deducted from the reinsurance
premium paid by the insurer to the reinsurer. instalments of up to Rs.15,000 to first-time

46 | 2024 | AUGUST | BANKING FINANCE